Bitcoin Mining is a process by which you can generate Bitcoins. The method of mining cryptocurrency became very famous when Bitcoin was at its peak of $19000. However, since then we have only seen a one-sided free fall in the value of Bitcoin and other cryptocurrencies as well. Similarly, the returns of Bitcoin Mining has also fallen drastically. However, this is the first time in the last one and a half year when we have seen an increase in the margins of Bitcoin mining.
The margin of Bitcoin Mining Rose by almost 39% in February 2019. You might be aware of the fact that Bitcoin mining is not as simple as it seems to be. It requires a lot of investment and patients as well. The hardware that is used for this process is very expensive and consumes a lot of electricity. Most people who bought the hardware back when the Bitcoin prices were high, made some good profit even after paying the heavy electricity bill.
Bitcoin Mining 2019
So is it the right time to start Bitcoin mining again? Certainly not, the margins are still flat and there is a fair probability that you are going to lose the money you invest in buying the hardware and paying the electricity bill. This is because Bitcoin has become extremely volatile and the value is depreciating day by day. Hence, we don’t think that it is still the right time to enter the mining procedure.
However, if you already have the system for making the cryptocurrencies, go on with it and my good amount of Bitcoins every day in order to cover your expenses and make a bit profit. Bitcoin mining is extremely profitable if you have access to cheap electricity or if you live in such a place where you do not have to pay for electricity consumption. Electricity is the major expense in this procedure of mining cryptocurrency. Hence, it is really difficult for people living in core cities 2 do such things because of the high electricity rates.
Is it going to be profitable in the future?
Yes, we do expect that the value of Bitcoin will appreciate in future. However, this can be only assumed in a long-term chart. Moreover, we need some new innovations for mining Bitcoin. These innovations will help us to reduce the expenses on electricity. As mentioned earlier, electricity is the major cause of expense in this procedure. Hence, better Technology will help us to mine Bitcoin until relatively low expense. Hence, the margin of Bitcoin mining will be revived once again. Let us tell you that there are already many big firms working on the new technology. So we do expect the revival of cryptocurrency in the long term.